Accountants say CBILS processes ‘take too long’, with worrying consequences for businesses

A survey from Capitalise.com, the adviser-led funding platform, has found that half (50%) of accountants feel that the Coronavirus Business Interruption Loan Scheme (CBILS) application process and the time it takes to get a response is too long.

More than 81,124 CBILS applications have so far been made but only 50% have been approved. Without access to this critical funding to support cashflow, businesses run the risk of being left bankrupt after every payday – signalling another impending crisis point as of the end of May. It is perhaps unsurprising therefore that another half (50%) of accountants suggest that insolvency and recovery, dispute resolution and company valuations will be a key feature of their work in the coming six months.

At this challenging time and with such a complex CBILS application process to contend with, the services accountants provide are more essential than ever to small businesses trying to remain afloat. 90% of the accountants surveyed confirmed that they have helped their clients access CBILS over the past few months, with 65% confirming they are not charging an additional fee for the service.

Paul Surtees, co-founder and CEO, Capitalise.com, said: “We work with accountants to help them to support the business owners. The fact that 50% of those surveyed will be adding insolvency, recovery and dispute resolution to their services indicates that there are challenging times ahead. We are committed to continuing to work with accountants to help make their position as a trusted advisor to SMEs, easier to manage.”

Capitalise.com ran its survey of UK accountants between April-May 2020, with 100 respondents.